https://www.taxtmi.com/caselaws?id=61338 Anticipated profits on release orders and import licences were considered for tax assessment despite the absence of an actual sale of goods. The Tribunal treated the assessee's consistent accounting method, followed in earlier years and in the year under reference, as supporting deletion of the addition because the anticipated profit was shown initially and adjusted when the actual profit became known. On that basis, it held that no referable question of law arose under section 256(1) and rejected the reference application. en-us Fri, 29 Nov 1985 00:00:00 +0530 Wed, 12 Jan 2011 12:38:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61338 Anticipated profits on release orders and import licences were considered for tax assessment despite the absence of an actual sale of goods. The Tribunal treated the assessee's consistent accounting method, followed in earlier years and in the year under reference, as supporting deletion of the addition because the anticipated profit was shown initially and adjusted when the actual profit became known. On that basis, it held that no referable question of law arose under section 256(1) and rejected the reference application. Case-Laws Income Tax Fri, 29 Nov 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61338